Downgrade 'has minor effect on big four'

RICARDO'S BUSINESS: Fitch placed the credit ratings of Australia’s big four banks on watch negative yesterday but the impacts may not be as negative as feared, an expert told SBS.

1 min read

Published 31 January 2012 5:38pm

Updated 26 August 2013 9:20am

Source: AAP, SBS

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Financial stocks shed 0.3 per cent after ratings agency Fitch put Australia's big four banks on a credit downgrade watch Monday because of their strong reliance on overseas funding.

Westpac was the only bank to finish higher, adding five cents to $21.15, while the other big four all shed between 0.3 and 0.7 per cent.

Analyst Brian Johnson of CSLA says it hasn't affected the market greatly as the impacts may not be as negative as feared.

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